Since its founding in 2017, Binance has grown from a late-starting cryptocurrency trading platform to a leader in the industry. As a veteran who has been in the cryptocurrency industry for 7 years, I made my first start-up capital in the cryptocurrency industry on #BNB . In fact, there are a lot of discussions about Binance, but I also want to talk about it from my perspective and my thoughts on Binance. Exactly a week ago during Turkey’s Blockchain Week, Binance launched its Web3 decentralized wallet, marking Binance’s determination to continue to expand its service scope in the blockchain field. At this level, Binance is not the first player to enter this field, but as a latecomer, it has demonstrated its ability to adapt to market development and meet user needs.
1. From spot to futures: Binance’s market expansion (2017-2019)
On September 4, 2017, some well-known reasons forced local cryptocurrency exchanges to close or relocate. Binance seized this opportunity and quickly adjusted its strategy and turned to the international market. Binance has expanded its base overseas, strengthened its currency trading business, provided rich currency matching and multi-language services, and quickly attracted users around the world. This strategic change not only helped Binance avoid single market risks, but also enabled it to rapidly grow into the world's largest digital currency trading platform, especially in the field of spot trading.
After establishing its top position in the field of spot trading, Binance further expanded in 2019 and launched futures and contract trading to cater to the trend of market maturity and diversified user needs. Facing competition from other established exchanges, Binance relied on a series of strategies to quickly occupy the market. This includes technological innovations such as high-performance trading engines that provide a low-latency experience, and market depth builds that enhance liquidity by attracting market makers. At the same time, the user experience is optimized, the transaction process is simplified, and security measures are strengthened, such as establishing an insurance fund. In addition, Binance has launched diversified contract options to meet the needs of different investors, and closely integrated the futures platform with the spot market to provide seamless fund conversion. The effective execution of these strategies not only won the trust of users, but also enabled Binance to quickly surpass its competitors in terms of contract trading volume and become the market leader.
2. Diversified exploration: restarting IEO and the rise of BNBChain (2019-2022)
That same year, Binance solidified its innovative leadership in the cryptocurrency space by relaunching its initial exchange offering (IEO) platform - #Launchpad . As a new method of raising funds, Launchpad not only provides the opportunity to invest in high-potential projects at an early stage, but also ensures that only high-quality projects are launched through a strict screening process. This strategy significantly increased investor participation, strengthened Binance’s brand image, and increased market liquidity. By supporting emerging blockchain projects, Binance becomes more than just an exchange and becomes a comprehensive ecosystem builder. The success of Binance Launchpad not only drives public attention for crypto projects, but also strengthens Binance’s position as a market trend setter.
In 2020, when blockchain is rapidly evolving, Binance has iconically expanded its business scope by launching #BNBChain⚡️ (formerly Binance Smart Chain, BSC), consolidating its leading position in the cryptocurrency exchange industry. This move significantly enhances Binance’s competitiveness in the rapidly growing decentralized finance (DeFi) space.
The launch of BNBChain not only demonstrates Binance’s technological innovation beyond traditional trading services, but also transforms it into a comprehensive blockchain platform. It provides a good development environment for DeFi projects with low cost and high efficiency, helping Binance become an incubation center for DeFi projects. This not only enhances the application value of BNB, but also strengthens the close connection between users and the Binance ecosystem. With BNBChain, Binance further transforms from a single trading platform into a diversified blockchain solutions provider, laying the foundation for its future growth. This strategic development indicates that Binance will continue to drive the development of the cryptocurrency industry through innovation and solidify its position as an industry leader.
Based on the success of BNBChain, with the development of the market and the evolution of user needs, Binance is not only satisfied with providing a trading platform, but also transforming into a comprehensive blockchain service provider. Today in 2023, this vision has received a new embodiment-Binance launched the Web3 wallet, further expanding its layout in the field of crypto asset management. The time for Binance to enter the game is neither early nor late. We also hope that Binance can enter the game from a safer perspective and at a level more suitable for market development.
3. Moving towards Web3: The strategic layout of Binance Wallet (2023)
#币安web3钱包 is an innovative product for the decentralized Internet (Web3). It is characterized by simplicity, security and convenience. This wallet abandons traditional complex mnemonic phrases and instead provides intuitive token exchange and income acquisition functions. Binance Web3 Wallet also has a built-in series of selected decentralized applications, allowing users to easily access the Web3 world.
Additionally, a significant advantage of this wallet is its seamless integration with the Binance App. Users can activate the Web3 wallet directly in the Binance App to achieve convenient switching between centralized finance (CeFi) and decentralized finance (DeFi). This integration method effectively reduces the difficulty for users to enter the Web3 ecosystem and improves user experience. In terms of security, Binance Web3 Wallet uses advanced multi-party computation (MPC) technology. This technology can provide strong security protection and ensure the safety of user assets. At the same time, it also supports self-custody of assets, giving users complete control over their assets, and Binance’s traffic advantage is not available in other exchanges.
This Web3 wallet is not only a milestone in Binance’s service expansion, but also represents a positive promotion for the entire blockchain industry:
1) Enhance the ecosystem: Binance’s user base and market influence can significantly increase the activity and visibility of BNB Chain and other DApps.
2) Promote DeFi and NFT innovation: By integrating advanced DeFi and NFT projects, Binance Web3 Wallet has the potential to inspire more innovation and the emergence of new projects.
3) Expand the user base: As well as the broader international market, Binance’s international influence can also lead more users to enter Web3
4) Promote cross-chain cooperation: Binance’s market position may encourage more cross-chain cooperation and integration, promoting interoperability and resource sharing between more chains
As a key gateway into the Web3 world, it heralds the widespread diffusion and profound impact of blockchain technology and applications in the future.
4. Looking to the future: Binance’s path of continuous innovation
Thank you for your patience in reading. While looking back at Binance’s rise, we’ve only scratched the surface of the iceberg. Binance’s product line goes far beyond these.
Binance Pool - Launched in April 2020
Binance Earn - Launching at the end of 2019
Binance Academy - Launched in August 2018
Binance Charity – Launching in 2018
Binance Labs - Launched in early 2018
...
From participating in the BNB ICO in 2017 to its breakout, from the IEO restart in 2019 to a new high of BNB $39, from 2020 to#BNBChain⚡️ Released in 2021, BNB $690 is the top 3 cryptocurrency. I have witnessed it all the way, and it has never stopped moving forward... I believe that the Binance wallet will become the key entrance to lead the next billion users into the Web3 world.@CZ @binancezh
